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joe biden will take the oath of office first administered by supreme court associate justice sonia sotomayor. >> and then the crowd will be treated to a musical selection by james taylor and then chief justice john roberts will administer the presidential oath of office to mr. obama. that comes just before noon eastern time. now, following the president's inaugural address will be another musical selection. this one by kelly clarkson, and a poem by richard blanco. reverend luis leon will give the benediction followed by beyonce. she's going to sing the national anthem, she had a baby, and she's going to perform at the super bowl. >> not to be upstaged, hampsto pearson is at the capitol. what are you seeing? >> beyonce got a much bigger cheer than i did. it was one of the more electric moments that just happened a few minutes ago when she and jay-z came in. you just missed the introduction of former president bill clinton and secretary of state hillary clinton and former president jimmy carter and wife roslyn. we are just minutes away from the arrival of, of course, the vice preside
money? joining us now, jared bernstein and former chief economist to vice president biden. also with us is a chief investment strategist with blackrock. thank you so much for joining us. >> thanks for inviting us. >> thank you. >> russ, let me kick it off with you. friday, a pretty good rally. is this rally for real? do you think it's sustainable going forward as we continue through this earnings period? >> i think in the short term it is. i think we're probably going to hit a road bump in february. the reason i say that is we've got a lot of flows coming into the market early in the year. people are nervous in december. they're coming back into stocks. that's a good thing over the longer term. we do have some issues coming up. the debt ceiling, obviously one of them. the second question is as we start to get january's economic data, how big of a hit do we have from the tax increases, the expiration, the payroll tax hold darks and what do those numbers, which may be a bit on the soft side, do to stocks? >> absolutely. that is the question of the day, isn't it, jared? the debt ceiling de
president biden and jim from the american nt prize institute. jared, $2.3 trillion a year is a big number and it bothers me that we're corroding the american work effort and we're doing some damage to society with all this dependency. >> i can make you feel much better. first of all, before i got here, i added up social security, medicare and medicaid. i got $1.6 trillion so mr. eberstadt needs to check his numbers. here's the fact -- over 90% of the dollars we spend on entitlements go to three types of people, elderly people, disabled people and people who are working. if you want to tell me people who are retired and benefiting from social security and medicare, if disabled veterans, if people who are retirees who paid into these systems throughout their careers are takers, i'm not going to believe you because i know you're better than that and i know jimmy p. is better than that, too. so let's get away from this taker stuff. the president's right. it just doesn't work. >> go ahead, jimmy. go ahead. >> back about 1935 we had a democratic president franklin roosevelt and when talking abo
president biden to get this thing through i'm going stand here or i'm sorry sit here and predict that the house republicans will veto it, stop it, stomp on it and we'll be nowhere. do you think this big tax hike could possibly get through? >> it will not get through the house. there's no doubt about it. remember the democrats do have 55 in the senate. and if they are able to get a 51 vote margin, they might be able to pass more taxes. but republicans say we have done the last tax increases that we're going to do. we need a pro growth formula that will create jobs in this country. and that isn't on anybody's agenda in the white house and when i saw the reports of patty murray's memo i thought oh, my gosh why would you think that raising revenue is a way to create more jobs in this country? and republicans in the house will not do it. absolutely. >> so the question is why do it? if you know the gop will veto it and you know, why do it? what's the point? >> let me just say on policy i thought memo was great. i have it here with me. i thought it made all the case that needs be made f
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